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The Ultra-Wealthy Who Argue That They Should Be Paying Higher Taxes
Abigail Disney remembers the moment, two decades ago, when she no longer wanted to fly on her family’s private plane. Disney is the granddaughter of Roy O. Disney, who founded the Disney company with his younger brother, Walt, in 1923, and her father was a longtime senior executive there. Abigail’s parents owned a Boeing 737, one of the largest private-aircraft models on the market, and they let her use it for family trips.
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Why America's 1-Percenters Are Richer Than Europe's
A new Gilded Age has emerged in America — a 21st century version. The wealth of the top 1% of Americans has grown dramatically in the past four decades, squeezing both the middle class and the poor. This is in sharp contrast to Europe and Asia, where the wealth of the 1% has grown at a more constrained pace.
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The staggering amount of wealth held by the Forbes 400 more than doubled over the last decade. But their tax rates actually dropped.
The share of wealth held by the Forbes 400 more than doubled from $1.27 trillion in 2009 to nearly $3 trillion this year. That marks a significant increase encouraged by a combination of sliding tax rates, stock market growth, and the economic recovery, according to Gabriel Zucman, an economist at the University of California, Berkeley.
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Silicon Valley billionaires have a problem: They get richer no matter how much money they give away
Silicon Valley billionaires keep getting richer, whether they want to or not. In an age of unprecedented generosity — the amount that Americans give to charity has increased almost every year for the last four decades — the very wealthiest tech titans continue to see their net worths increase every year. This is true even for billionaires who indicate that they are genuinely trying to give away their money.
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Super-rich fuelling growing demand for private jets, report finds
Almost 8,000 new private jets are expected to be bought by multinational companies and the super-rich over the next decade, each of which will burn 40 times as much carbon per passenger as regular commercial flights, according to a report by aviation firm Honeywell Aerospace.
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It looks like Jeff Bezos is about to lose his spot as the world’s richest person to Bill Gates
It looks like Amazon CEO Jeff Bezos is about to lose his spot as the world's richest person to Microsoft founder Bill Gates. Bezos' slide from the number one spot may happen thanks to Amazon's stock plummeting in after-hours trading following a miss on profit for its third-quarter results.
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Jeff Bezos would pay $9 billion a year in wealth taxes under Bernie Sanders' plan
Jeff Bezos would pay about $9 billion in taxes this year under Sen. Bernie Sanders’ proposed wealth tax. As part of his presidential primary campaign and efforts to outflank the rise of Sen. Elizabeth Warren, Sanders announced a wealth tax that would hit multibillionaires like Bezos especially hard. The Amazon CEO would pay more in annual wealth taxes than the net worth of the 50 richest Americans as listed by Forbes.
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For the sake of life on Earth, we must put a limit on wealth
It is not quite true that behind every great fortune lies a great crime. Musicians and novelists, for example, can become extremely rich by giving other people pleasure. But it does appear to be universally true that in front of every great fortune lies a great crime. Immense wealth translates automatically into immense environmental impacts, regardless of the intentions of those who possess it. The very wealthy, almost as a matter of definition, are committing ecocide.
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That Noise? It’s the 1%, Helicoptering Over Your Traffic Jam
Helicopter service is blossoming across the New York region, showing how income inequality affects even the basic commute.
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Bill Koch: tax dodges of the American super rich (Part 2) - Michael West
It's all here ... a tax audit, a cover-up and a neighbour in the Oval Office. David Cay Johnston continues his investigation into super rich, tax dodging business owners like William Ingraham Koch.
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Bill Koch: tax dodges of the American super rich (Part 1) - Michael West
In plain English, David Cay Johnston, DCReport Editor-in-Chief, show how super rich business owners like William Ingraham Koch, one of the billionaire Koch brothers and Trump neighbour and supporter, can pocket vast sums without paying income tax.
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MacKenzie Bezos, worth nearly $37 billion, will give half her fortune to charity
MacKenzie Bezos has promised to give at least half of her fortune to charity, just months after finalizing her divorce from the world's richest man.
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Tech billionaires who donate millions are just "bribing society at large," Anand Giridharadas says
Mark Zuckerberg, Jeff Bezos, Bill Gates, and other billionaires have figured out a pretty sweet deal, Anand Giridharadas says: They make gigantic piles of money, and have tricked politicians and the media into giving them an exceptionally loud voice in policy discussions. What’s their secret? Just give away a little bit of that money through philanthropic organizations that they control.
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Restraining the power of the rich with a 10 percent surtax on top 0.1 percent incomes
Excessive wealth and power commanded by a small group of multi-millionaires and billionaires—the richest one-tenth of 1 percent—poses an existential threat to America’s economic vitality, democracy, and civil society. It’s well-known by now that the richest 1 percent of American households have essentially doubled the share of national income they claim since the late 1970s. Less well-known is that inequality has even risen within the top 1 percent, with the top 10 percent of that overall group—or the top 0.1 percent—accounting for half of all income within the top 1 percent.1
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Workers barely benefited from Trump’s sweeping tax cut, investigation shows
Big companies drove Donald Trump’s tax cut law but refused to commit to any specific wage hikes for workers, despite repeated White House promises it would help employees, an investigation shows. The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all.
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The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.
Ten years ago, the tax agency formed a special team to unravel the complex tax-lowering strategies of the nation’s wealthiest people. But with big money — and Congress — arrayed against the team, it never had a chance.
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Super-tall, super-skinny, super-expensive: the 'pencil towers' of New York's super-rich
The long read: An extreme concentration of wealth in a city where even the air is for sale has produced a new breed of needle-like tower
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High taxes be damned, the rich keep moving to California
Are rich people fleeing California to escape astronomical state income taxes? That’s the word. But it’s fake news. In fact, more wealthy people are moving to California than leaving, research indicates. It’s the poor and middle class who are departing. It makes sense. If you’re getting rich in California and can afford to live comfortably here in this balmy climate, there’s little incentive to leave — except to stick it to the tax collector in Sacramento.
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Tax the Rich? Here’s a Modest Proposal
Everyone, it seems, has ideas about new tax strategies, some more realistic than others. The list of tax revolutionaries is long. The short list includes Representative Alexandria Ocasio-Cortez, who wants a top tax rate of 70 percent on incomes above $10 million a year; Senator Elizabeth Warren, who wants a wealth tax; Senator Bernie Sanders, who wants an estate tax with a 77 percent rate for billionaires; and even Senator Marco Rubio, who recently proposed a tax on stock buybacks.
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America’s Professional Elite: Wealthy, Successful and Miserable
The upper echelon is hoarding money and privilege to a degree not seen in decades. But that doesn’t make them happy at work.
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